Vodafone mast arm set to be valued at a sky-high £14.5bn when it floats next week
Vodafone’s telephone mast company is set to be valued at up to £14.5billion when it joins the stock market next week.
The telecoms group will float up to 25 per cent of Vantage, which has 68,000 sites in ten countries, in a bid to realise value for shareholders.
It said it will aim to raise £2.4billion from the initial public offering, scheduled for March 18 in Frankfurt, with shares priced at between £19.20 and £24.80 each.
Vantage Towers chief exec Vivek Badrinath (pictured) said the IPO was ‘moving ahead at pace’
Yesterday it received enough orders from institutional investors, on the first day of the placement, to cover the basic offering of around 19 per cent.
‘The Vantage Towers IPO is moving ahead at pace,’ said Vantage chief executive Vivek Badrinath.
Bosses have claimed Vantage will deliver steady dividend income, with as much as 60 per cent of revenues handed back to investors.
Vantage posted revenues to £430million for the half-year to September.
The firm will also be ‘well positioned’ to benefit from the rollout of 5G.